RoydadNaft –  India and Brazil on Saturday set an ambitious target to boost bilateral trade to $30 billion by 2030, up from the previous goal of $20 billion.

Secretary (East) in the Ministry of External Affairs, P Kumaran, informed that the decision was made during Brazilian President Luiz Inacio Lula da Silva’s visit to India, where he emphasised that the earlier target wasn’t ambitious enough.

Kumaran, while speaking at the Special Briefing by MEA on the visit of the President of Brazil to India, said that Lula thought that the earlier target was not ambitious enough, hence proposed a larger one.

“We had set a target during Modi’s visit to Brazil for increasing bilateral trade from $15 billion to $20 billion by 2030. But President Lula today mentioned to Modi that $20 billion doesn’t seem ambitious enough and that we should therefore try and target something higher, like $30 billion by 2030. And he said with the kind of excitement and interest there is on both sides. He said I have brought 11 ministers with 300 businessmen, which shows the kind of commitment there is to enhancing India-Brazil trade and investment. So our ambition should be much bigger,” he said.

The two countries are looking to enhance cooperation in various sectors, including oil, gas, and renewable energy, launching Brazilian satellites and building satellites together, biofuels and sustainable aviation fuel, agriculture, livestock, and healthcare, as well as Yoga.

“You know the number of areas identified is in great detail in the joint statement. I would, for example, name the energy oil and gas sector, space opportunities to launch Brazilian satellites, work together to build satellites, there is a lot of cooperation possible in the area of bio energy, biofuels, sustainable aviation fuel, green economy, agriculture and livestock, healthcare, and traditional medicine. Yoga is also a subject of great interest in Brazil,” Kumaran said.

This move is expected to strengthen India-Brazil ties and promote economic growth.